Math Solutions

[Steps Shown] Michael's Dairy farm production is given by Y=2K^0.3L^0.5, where K is the number of machine milkers and L is the amount of labor hours he uses.

Question: Michael's Dairy farm production is given by $Y=2{{K}^{0.3}}{{L}^{0.5}}$, where K is the number of machine milkers and L is the amount of labor hours he uses.

Does this production function exhibit increasing, constant, or decreasing returns to scale? Holding the number of machines milkers constant at 16, is the marginal product of labor increasing, constant or decreasing as more labor is used?

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[Steps Shown] Michael's Dairy farm production is given by Y=2K^0.3L^0.5, where K is the number of machine milkers and L is the amount of labor hours he uses.

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